2 comments:

El Jefe
said...

Well at least we don't need that corn that is underwater. Just because we'll be using 30% of the corn crop this year to replace 3% of the gasoline we use in the form of ethanol is no reason to panic. Of course last year we came very close to getting below the magic 1 billion bushel margin that has long been the standard for getting from one year to the next with our corn useage. Oh, and last year was one of the largest corn crops EVER with less ethanol production. Isn't burning our food for fuel a wonderful thing?

The effect on the price of corn is already being felt. Corn futures have gone up ~25% in the last 3-4 weeks alone.